The Secretary of State for Oil and Gas, José Barroso, reiterated Angola’s dedication to aligning its extractive sector with the principles of the Extractive Industry Transparency Initiative (EITI). Speaking at a press conference in Luanda, Barroso emphasised that EITI’s principles resonate with Angola’s goal of implementing transparent and accountable processes in the sector, covering license awards, contract negotiations, and revenue management.
Since joining EITI in 2022, Angola has made significant strides, submitting two comprehensive reports detailing financial data from the extractive sector. The latest report, submitted in September 2024, reconciles financial information between the Ministry of Finance and key companies in the diamond and oil sectors, including Sociedade Mineira de Catoca and TotalEnergies.
This commitment signals Angola’s resolve to ensure that the revenues generated from its natural resources contribute meaningfully to economic stability and development.
An EITI validation team is currently in Angola to conduct an in-depth review of the country’s progress as an EITI implementing member. Regional Director Nassim Bennani Kabchi highlighted the mission’s aim to engage stakeholders and provide strategic recommendations to help Angola conform fully to EITI standards.
These efforts will ensure improved transparency and accountability in Angola’s extractive industries.
EITI, a global initiative, champions the open and transparent management of natural resource revenues, fostering economic and political stability. Angola’s ongoing efforts to align with EITI principles demonstrate the country’s commitment to leveraging its natural resources responsibly for sustainable development.
Source: Further Africa
